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On January 1, 2022, the dental partnership of Naruto, Jiraiya, and Sasuke was formed when...

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Accounting

On January 1, 2022, the dental partnership of Naruto, Jiraiya, and Sasuke was formed when the partners contributed $24,000, $44,000, and $32,000. The business reported net income of $255,000 for the year 2022. During the year, each partner withdrew $600 per month for personal use. At the time that the partnership was created, the three partners agreed to allocate all the profits and losses according to a specified plan as follows. 1) Each partner is entitled to interest computed at the rate of 5% per year. 2) Due to prior experience, Naruto is entitles to an annual salary allowance of $21,000, and Jiraiya is credited with $19,000 per year for being a sage. 3) Any remaining profit will be split as follows: Naruto, 28% Jiraiya, 38%, and Sasuke, 32% Determine the ending capital balance for each partner as of the end of Year 2022

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